Trump's New Trade Tariffs: What to Expect and Reactions to Come

As President Donald Trump prepares to unveil significant changes to US trade policy, both domestic and international reactions are heating up. The administration's upcoming tariff measures, referred to as the "Liberation Day" levies, are anticipated to have immediate implications for the nation’s economic relationships, particularly with key trading partners. The tariffs, which are set to be announced today, could lead to tensions with longstanding allies such as the European Union, which appears poised to retaliate. Reports indicate that the EU is preparing retaliatory measures, supported by a considerable portion of European citizens, as shown in recent polling data indicating widespread support. A chart showing a survey of Western European countries and whether they support retaliatory tariffs against the US. These tariffs are creating uncertainty for US businesses and financial markets. In response to investor concerns, the White House has opted to delay the announcement until after the market closes today. The president is set to elaborate on the details at a Rose Garden event scheduled for 4 p.m. ET. Despite potential backlash, the administration suggests that the tariffs are already producing diplomatic benefits. Treasury Secretary Scott Bessent reportedly conveyed optimism to House Republicans about a positive international response. He also mentioned that there will be a tariff “cap”, although specific figures remain undisclosed. In preparation for the announcement, Senate Republicans on the Budget Committee are convening this morning, followed by a lunch meeting with Bessent in attendance. Meanwhile, a resolution led by Democratic Senator Tim Kaine from Virginia, aimed at halting a national emergency regarding Canadian tariffs, is scheduled for a vote later today. Republican Senator Rand Paul has signaled that he expects support from several GOP members, including Senator Susan Collins of Maine, who expressed concern about the interconnectedness of Maine's economy with that of Canada.